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e& subsidiary buys majority stake in Beehive for $24m

Etisalat e& Vodafone e&
Beehive will be consolidated into e&’s financials as of August 2023

e& enterprise, a subsidiary of the UAE’s telecom major e&, has acquired a majority stake in Dubai’s online peer-to-peer lending platform Beehive.

The company bought 63.3 percent of Beehive for $23.6 million, according to a statement from e& – formerly known as Etisalat – published on the Abu Dhabi Securities Exchange.

“Beehive will be consolidated into e&’s financials effective from August 2023,” the telco added.

In May, e& enterprise signed a binding agreement to acquire a majority stake in Beehive, which was founded in 2014 and is based in the Dubai International Financial Centre.

Under the terms of the agreement, e& enterprise was to acquire 61 to 69 percent of Beehive at an enterprise value of $35 million through a combination of both primary capital injection and acquisition of existing shares.

Last month e& confirmed that it was considering buying a stake in Ethio, a state-controlled operator in Ethiopia.

The Abu Dhabi-based company said in a filing to the stock exchange that it was “at an early stage” of assessing a bid.